How venture builder Wavemaker Impact is unlocking the potential of climate tech in Southeast Asia from Singapore

There is a tremendous need and opportunity for climate tech in Southeast Asia, says Marie Cheong, one of the founding partners of Singapore-based VC-backed venture builder Wavemaker Impact.

“If [Southeast Asian countries] don’t hit our climate targets, three of Southeast Asia’s largest cities — Jakarta, Bangkok, and Ho Chi Minh City — could be underwater by 2050. Growth tailwinds in the region have created unique opportunities to build high-growth tech companies that accelerate the adoption of renewables, energy efficiency, and new green technology,” she says.

Building these high-growth climate tech companies is precisely the goal of Wavemaker Impact. The company is focused on building up its portfolio of companies that it describes as “100X100”—businesses that generate up to US$100 million (S$ 134.3m) in revenue with solutions geared towards abating 100 million metric tonnes of carbon.

“We founded Wavemaker Impact with the mission of building a portfolio of companies that can abate 10 per cent of the global carbon budget,” she adds.

Wavemaker Impact has chosen Singapore as its base to make a difference to the world. The country’s strong business ecosystem and diverse pool of talent are key reasons why.

Q: Wavemaker Impact is headquartered in Singapore. Take us through what led to that decision?

Singapore is a hub for incredible entrepreneurial talent in the region. Founders and startup professionals throughout the region are either based in Singapore or travel here frequently, making it an excellent place from which to launch businesses. There is also a thriving ecosystem of VCs and other partners which are essential to the growth of our companies.

Singapore is incredibly startup-friendly, streamlining the process for incorporating and investing in companies which enables our founders to move quickly from ideas and concepts to established businesses.

We are also grateful for the support of strategic partners like Enterprise Singapore and the Singapore Economic Development Board, which have supported us in founding Wavemaker Impact.
 

Q: Having navigated Singapore’s diverse talent pool, why should companies assemble their teams here?
 

Now there’s also a diversity of talent who have spent time in unicorns across the region as well as fresh graduates from a range of backgrounds passionate about joining startups, which makes it an easy place for startups to recruit high-quality hires and interns.

For example, for our venture build team we hired a fresh [graduate] from the Singapore University of Technology and Design, and have another joining us later in the year from the National University of Singapore, who initially joined us as a summer intern.
 

Q: Tell us a little more about the company’s interest in Southeast Asia

The region will need US$2 trillion (S$2.68t) to decarbonise — there is a great need and opportunity there for climate tech in Southeast Asia.

Eighteen months in, we’ve launched four portfolio companies and are building two more right now. Every one of our startups will increase revenue or decrease costs for customers through green technology. For example, one of our portfolio companies, Helios, is accelerating adoption of residential solar in the region through the creation of solar mortgages, which will help middle-income homeowners afford bigger homes or reduce their mortgage payments.
 

Q: On a personal level, tell us more about your experiences as a female founder working in Singapore?

Venture capital and the startup ecosystem is still a space where women are the minority. The community of women founders is very supportive, and I’m so encouraged by the number of women who are interested in climate tech. Along with our ecosystem partners, we hosted a Women in Climate Tech event last year that was significantly oversubscribed! I also had the pleasure of joining a session organised by OpenSpace a few weeks ago supporting young women in venture capital. It’s also wonderful to see many men and women in the startup ecosystem with young families, creating space for healthier work environments even in the fast-paced world of startups.
 

Q: Finally, what do you enjoy the most about working and living in Singapore?

As a Singaporean who has the privilege of living in other countries, I love how diverse and vibrant our city is. Singapore is a hub for Southeast Asia and a place where it’s easy to build networks and new connections, which is extremely valuable to our mission at Wavemaker Impact. Singapore is also incredibly family-friendly, which as a mum to a five-year-old I really appreciate. There’s so many activities and green spaces to enjoy with my son and recharge.